SmartCity Miami has ended its bid for the former Miami Herald property in Downtown Miami now owned by Genting, according to an announcement.
Genting said in statement that the buyer had requested an extension of the exclusivity period and sought amendments to the terms of the purchase agreement for the site.
The requests were not granted by Genting, so the buyer elected to end its current bid.
Nevertheless, SmartCity remains interested in the property, Genting said.
Genting added that it has seen the value of its investment in Miami increase approximately 400% in just over a decade and “firmly believes in the sustained strength and growth of the Miami market.”
The company said it will review other opportunities to close on the sale of the Herald site, while continuing to enhance its remaining Miami holdings.
The SmartCity sale was announced in April and had been set to be completed later this year, at a price of $1.225 billion.
Terra and its CEO David Martin is leading the SmartCity Miami LLC investment group that initially won the bid.
At the time, there were said to be a total of nine bids for the 15.47-acre property from all over the world, with five of those bids over $1 billion.
The former plans for Resorts World Miami on the property:
